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Exxon Mobil Posts Largest Annual Profit for U.S. Company
Key Excerpts from Article on Website of New York Times
Posted: November 11th, 2006
http://www.nytimes.com/2006/01/30/business/30cnd-exxon.html?...
Exxon Mobil, the nation's largest energy company, today reported a 27 percent surge in profits for the fourth quarter as elevated fuel prices gave rise to the most lucrative year ever for an American company. Exxon's profits are expected to generate new scrutiny of the company's operations in Washington, where legislators have recently expressed concern over Big Oil's good fortune as soaring oil and natural gas prices pressure consumers. Exxon said its profits climbed more than 40 percent last year, while its tax bill rose only 14 percent. Exxon's revenue last year allowed it to surpass Wal-Mart as the largest company in the United States. [The company's] revenue of $371 billion surpassed the gross domestic product of $245 billion for Indonesia, an OPEC member and the world's fourth most populous country with 242 million people.
Note: This article fails to mention the huge profits reaped by oil companies as a result of gas price gouging immediately after Katrina.
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